Don’t you think that has a lot to do with the fact that I, and you I believe, and most others hold full time day jobs?
That impedes us quite a bit in finding good trades every day. When I get off work London is just closing up shop and New York is winding down and the days volatility is more or less gone.
If I could sit and watch charts all day I have little doubt I could net 20 pips per day but unfortunately that is not the case.
To fit in with my life I’m sticking with daily candles and a few trades per month instead to try to get that 5-10% per month.
Yes I agree having a full time job does impede us quite a bit. I also believe that it take a minimum of 2-3yrs to get good at ones day job, and 5 years before it gets pretty routine so I figure the same applies to trading. That would mean it would take 4-6 years part time to start getting good at it, of which I’m in my 3rd year…lol.
However, to expedite that time a little, I’ve been practicing over the weekends with that MT4 trading simulator that I got from you…such a valuable tool IMO.
I can’t really play the daily candles with my bankroll and mini account…and it’s very difficult for me to get a micro acount with MT4 because of our provincial trading regulatarians :(.
When I first started all this, Daedalus posted what compounding 20 pips per day could turn into, that’s been my mission since then, and I still believe I can do it
(Now I just have to stop getting sidetracked everytime a new “system” comes along and just stick to my own!)
100% agree. Thanks for sharing. This is already another [B]GREAT THREAD[/B] that will increase the value of what we can find here in BabyPips!
No words to thank those thoughts.
I just can say: Do we (the new ones), really want to learn how to become, not just a trader who sometimes is able to catch a “large” win, but a consistent profitable trader?
Only I, myself, CAN decide what kind of trader I am.
Again thank you all.
30% a month is a pretty good return and it it takes work to be focused to achieve it.
There are several ways to skin a cat. You can try sitting every day hunting 20 pips or you can hunt for two 50 pip swings per week. Or you can focus on 4 hour charts for the setups and target a single 100 pip swing.
I do not sit for hours infront of my charts staring into the fluctuations. I know what I’m looking for and I have resting orders where the reaction is expected by my analysis.
The times you need to be in your charts is as followed:
All times are EST New York Time
Midnight: run you new Pivots
2-3am: European Open
5am: Asia Close
8:30am: Economic Reports Released and News Embargo lifts
11:am: Look for this time to present a sweet little swing daily.
5pm: Australia Opens
8pm: Asia joins the party
When I worked Mon-Fri I made it a point to get to bed early and be rested enough to permit me to be up at Midnight and run my new numbers for the Cable. Then back to sleep until 2am to see if my orders, should there be any were triggered.
My orders are parent and contingent, so all the protection and targets are in the mix at the time of entry on stops or limits. I do not grow cobwebs on me sitting in front of the screens.
When the orders are filled, I adjust my protective stops as needed to lock in profits and or reduce risk.
You do not need to allow your day job to hold you back. There are plenty of windows every 24 hours to find a setup.
You do not need to be planted in front of your charts to trade effectively. If you are fearful of the trade or reluctant to walk away from the charts and go to dinner, this is an indication you are over-leveraged.
The secret to this is finding the optimal risk ratio your psyche is comfortable to trade with and not feel any emotions whether it ticks 15 pips- 20 pips against your trade and you still have the appetite to still enjoy that fine dinner.
If you can’t sleep or breathe while you are in the trade… you are over-leveraged.
If you can sleep soundly and not wake up at all at night to check your charts… you aren’t risking nearly enough. :rolleyes:
Seriously though, I think that’s part of one’s psychological development - placing the order and then letting it play out without second guessing yourself etc.
Don’t you think that has a lot to do with the fact that I, and you I believe, and most others hold full time day jobs?
That impedes us quite a bit in finding good trades every day. When I get off work London is just closing up shop and New York is winding down and the days volatility is more or less gone.
If I could sit and watch charts all day I have little doubt I could net 20 pips per day but unfortunately that is not the case.
To fit in with my life I’m sticking with daily candles and a few trades per month instead to try to get that 5-10% per month.
This is a really good point and one many new traders don’t think about when they start to trade.
Its also not taken into consideration when someone posts some good results and they are told they are over leveraged and over trading. They might be, but if they are sitting at the screen all day every day during London and New York trying to make a living trading the results are going to be much higher than someone trading off the daily candles.
Most of us do not have the time to spend trading that way. I wish I did someday I will:D. To be successful at this the method you trade has to match up with the amount of time you have to trade. You cant force high returns from 2 hrs of chart time a week if you are you are probably over leveraged and asking for trouble. You can make consistent profit and grow an account with a few hrs of chart time a week. For most of us that will have to be enough unless we make the decision to change our lifestyle to fit with a trading strategy.
Well the time periods are showing the swings I took, yes. However, your support and Resistance lines are wrong.
Here is how you determine your Buy and Sell Zones:
Open a 60 minute chart and find the highest high traded the previous day. Use Midnight New York time to determine new trading days.
The highest High would be Resistance level (initially, if the new trading day opens under this level)… Support if the New trading day is trading above this level.
The lowest low in the hourly chart would be your Support or Buy Zone is acting as Support. It can become Resistance in trending market conditions if penetrated to the downside.
The bottomline: Use Midnight to Midnight New York time to determine your daily highs and lows.
Here are the Wednesday, Thursday and Friday levels noted on a 15 min Chart:
Note how the following day the Cable traded when these levels were touched.
Now look at Friday, see the short term bounce the first time the Cable traded down to the Thursday Daily Low? Note the time of day it occurred.
Now notice the reaction, after the NFP report was released, we swept under the Friday low to run stops and retested Thursday Pivot Support level. Note this level was at or near the Figure or 1.50 level. This is a triple confluence of events supporting a Long in this area.
What is the Swing objective on the Long? See the Thursday Daily High… Bingo!
Now you have the levels I am watching this Sunday and Monday to expect reactions at. See Fridays Daily Highs and Lows for the stage for either buys or sells. I will wait for either to determine the likely bias to buy or sell based on where price is in relations to each.
If we trade down to Fridays High… I would look for it to act as Support… it is gives way and then trades back up to it… it will be Resistance to me then and I would look for a Shorting opportunity.
Welcome ITC, Great thread and awesome writing abilities. Nice to see another Price Action trader Baby Pips has been short of a active one for some time. The ATT threads were very well recieved and I am sure yours will be as well. Thanks for your patience .
It is funny when someone starts a good thread it is compared to others as if the information is stolen. I would remind everyone that the reason it sounds so familiar is that the good solid trading information is always the best and gets passed along. So maybe if we aren’t to the levels we should be it is just more proof that simple is better.
I love Tymens energy and all he has done for everyone. I personally can’t wrap my head around indicator trading to complicated. It is so easy to just read price. The hardest point is learning to pick the levels of interest, But we see them everyday after or before trading as the price responded to them…
Sorry , Again thanks for joining the motelly crew here nice to have some fresh air.
I wanted to illustrate how indicatorless trading can set the stage for what “proper indicator” use can enhance for your trading. You should weigh what PRICE is telling you against your indicators… not the other way around.
Price is pure… it has no emotion, no understanding of your indicators… so pardon me for saying it, PRICE doesn’t give a care to your lines and alerts. It is trading where it is, well because it is. Accept it.
Traders look to indicators first like they are a influence over price… and it the opposite. Use Price against your indicators for confluence and support on what your analysis on PRICE a.l.o.n.e. has presented you.
Now that you have the Market Makers areas on the Cable determined based on Previous Days Highs and Lows… let’s plot a Friday Session Pivot Level overlay on price and see what it shows.
Remember, the setup was looking for Support at the Thursday low as Support since the Cable was trading above and eventually down to it, after the NFP numbers were released. So you shouldn’t have been in prior to this news.
So let’s look at the Pivots on the Cable and see what it was showing us Friday and we can use this insight this week in our walk forward…
If you use the standard period it is Midnight to Midnight New York time.
For instance Monday night 11:59pm you would look for the high and low from Monday 24 hours prior… calculate the Pivots you would use for Tuesday Midnight to Midnight Wednesday.
You can recalculate the pivots for any session, but I only trade with the Standard Midnight to Midnight periods. They work very well.
If the Cable trades above this level, I will expect to see it trade down to retest it as possible Support. If any other confluences line up for this level… I would consider taking a long.
If we open under 1.5165 I’d expect to see the Cable trade up to this level as a possible Resistance level. If other confluences of events form at this level I would consider a Short.
If we we penetrate this level and it is rejected by price quickly… either direction would hint at the next short term swing.
Looking at the chart right now… I’d expect to see a correction lower… but that’s looking right now without the open.
Since we are closer to the Friday high and not close at all in realtionship to the Friday low… the setups should form at Friday’s High 1.5165… eyeball this level.
++++++++++++++++++++++++++++++++++++
Sunday 8:00pm the results were:
Friday’s High 1.5165 retested and penetrated by 2 pips… then it sold off over 40 pips.
